Victor EzejaThe Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said Dangote Refinery will supply the Nigerian market with 25 million litres of petrol daily this September.
The downstream regulator added that the $20 billion refinery will subsequently increase the supply to 30 million litres daily from October this year.
Join our WhatsApp ChannelThe Authority stated this in a post via X on Tuesday, 3rd September.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million liters daily from October 2024,” it stated via X.
The regulator further disclosed that at a meeting in Abuja on Tuesday, the NMDPRA and the Nigerian National Petroleum Company Limited (NNPCL) reached an agreement to begin crude oil sale and supply to the Dangote Refinery in local currency.
Prime Business Africa had reported that the 650,000 barrels per day refinery announced its readiness to roll out petrol into the market. President of the Dangote Group, Aliko Dangote, on Tuesday, announced that the facility has started producing petrol for distribution across not just Nigeria but the entire Sub-Saharan Africa.
He commended President Bola Tinubu for approving the policy that allows sales of crude oil to the refinery in local currency, noting that it would cut down foreign exchange pressure on the naira by at least 40 per cent.
He added that the product will hit the market once it finalises with NNPCL.
“As soon as we finalise with the NNPCL, our product will start going into the market.
“We will help to restore industry and manufacturing. We will begin real import substitution, which is what we have, you know, saving foreign exchange, earning foreign exchange, which will stabilise the naira, and it will also help bring down inflation and cost of living,” Dangote stated on Tuesday in Lagos.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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